NAICOM sets April 30, 2026, deadline for NIN, CAC linkage to insurance policies

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By David Akinmola

The National Insurance Commission (NAICOM) has issued an April 30, 2026, deadline for all insurance companies to link customers’ National Identification Numbers (NIN) and Corporate Affairs Commission (CAC) documents to their insurance policies, warning that underwriters and brokers who fail to comply will face regulatory sanctions.

The directive, contained in a circular titled “Re: Mandatory Submission of National Identification Number and Certificates of Incorporation as Material Information for All Insurance Contracts Including Group Life Cover”, signed by the Deputy Director, Market Conduct and Complaints Bureau, Mr. Olugbenga Jayesimi, and addressed to managing directors of insurance companies and brokerage firms.

The commission said the requirement is in line with Section 64(4) of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and its powers under the NAICOM Act 1997, aimed at strengthening transparency, improving Know-Your-Customer (KYC) compliance, and curbing identity-related infractions in the insurance market.

According to the directive, underwriters and brokers must obtain NIN from individual customers and CAC documents, including certificate of incorporation, particulars of directors, and share allotment details from corporate clients before incepting or renewing any insurance contract.

The Commission stressed that insurers are required to reject ab initio any risk presented without the mandatory identification documents, noting that non-compliant operators will be sanctioned.

For existing policies issued before the circular but still active, NAICOM directed insurers to liaise with policyholders either directly or through intermediaries—to obtain and link the required NIN or CAC information by the April 30, 2026, deadline.

The regulator further instructed insurance companies to intensify public awareness campaigns in collaboration with brokers and agents to ensure customers understand the new compliance requirement.

NAICOM said it will closely monitor implementation and take “appropriate regulatory action” against operators who fail to adhere to the directive.

Commenting on the development, the Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Tope Daramola, described the directive as “a necessary step toward sanitising the insurance database.” He said the linkage would strengthen fraud detection, improve underwriting accuracy, and enhance sector-wide transparency.

Also, Industry observer Tunde Ogunbiyi, welcomed the deadline, noting that it “gives operators ample time to integrate the required data infrastructure.”

He added that proper NIN and CAC verification would deepen trust and support the industry’s push for broader market penetration.